My first day of retirement is Dec. 1, 2011. I will be getting a lump sum of about $23,000 on 12/31/11 for an early retirment incentive from Georgia State University. I filed a Chapter 11 Bankruptcy in Marcn 2011 to stop a foreclosure on my home. I have just been denied a loan modification
from Bank of America. I have decided to let the house go and obtain something that I could pay cash for with the way the market is now. The value of my home went from $140,000 down to $37,000 and my monthly paayment to Bank of America is $1,039.95. My pension
is about $1100 and after taxes
and insurance will only come to about $525. I will start drawing my deceased husbands Social Security which will be $780 until I turn 66 and begin drawing mine which will come to $1,200. I am 64 years old.
My question is should I wait until after I get the money and purchase another home before filing a Chapter 7
Bankruptcy. Would it benefit me more to have the money first transfered to an IRA account at my credit union and then withdraw the money out as opposed to having so much taxes taken out. Also, should I have my father to purchase a house? I also have about $19,000 I got from my monther who is deceased, the market now has very nice homes from $15,000 to $25,000 that I could pay cash for and not have a mortgage or rent